The domestic equity benchmarks ended with deep losses on Friday. Relentless selling by foreign portfolio investors (FPIs) and muted corporate earnings triggered sharp selloff in domestic shares. The Nifty ended below the 17,650 mark. Barring the Nifty FMCG index, all the sectoral indices on the NSE ended in the red. Media, PSU banks, consumer durables and realty stocks were under pressure.
As per provisional closing data, the barometer index, the S&P BSE Sensex, tumbled 427.44 points or 0.72% to 59,037.18. The Nifty 50 index fell 139.85 points or 0.79% to 17,617.15.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 6.16% to 18.89.
In the broader market, the S&P BSE Mid-Cap index lost 2.01% while the S&P BSE Small-Cap index fell 1.96%.
The market breadth was weak. On the BSE, 1,048 shares rose and 2,329 shares fell. A total of 89 shares were unchanged.
COVID-19 Update:
In last 24 hours, India registered 3,47,254 new COVID-19 infections in a day, according to the Union Health Ministry data on Friday. The country reported 703 new deaths taking the death toll to 4,88,396. The country recorded 2,51,777 recoveries, taking the total number of recoveries to 3,60,58,806. The active cases comprise 5.23% of the total infections, while the national COVID-19 recovery rate has decreased to 93.50%, the ministry said.
Buzzing Index:
The Nifty Consumer Durables index slipped 2.87% to 28,621.25, extending decline for fourth day in a row. The index has lost 4.65% in four sessions.
Voltas (down 4.81%), Rajesh Exports (down 4.49%), Dixon Tech (down 4.33%), Amber Enterprises (down 4.04%), Orient Electric (down 3.36%), Crompton (down 2.97%), Titan Company (down 1.53%), Blue Star (down 1.35%), and Bata India (down 1.10%) declined.
Stocks in Spotlight:
India's largest conglomerate, Reliance Industries (up 0.01%) will announce its quarterly results today.
JSW Steel (down 2.31%), Bandhan Bank (down 1.05%), Gland Pharma (down 1.81%) and Vodafone Idea (down 1.24%) will also announce their quarterly results today.
Polycab India slumped 6.80% to Rs 2499.70. The company's consolidated net profit rose 1.38% to Rs 248.40 crore on 22.78% increase in net sales to Rs 3,371.99 crore in Q3 December 2021 over Q3 December 2020.
PNB Housing Finance was locked in 5% lower circuit at Rs 463 after the company's consolidated net profit declined 18.9% to Rs 188 crore on 21.1% fall in total income to Rs 1,495.61 crore in Q3 FY22 over Q3 FY21.
Sasken Technologies tumbled 11.15% to Rs 1120. The company's consolidated net profit fell 19.33% to Rs 30.08 crore 2.19% increase in revenue from operations to Rs 106.27 crore in Q3 FY22 over Q2 FY22.
Kajaria Ceramics dropped 6.31% to Rs 1,260.55. The company's consolidated net profit rose 3.05% to Rs 124.73 crore on a 27.42% rise in revenue from operations to Rs 1,068.23 crore in Q3 FY22 over Q3 FY21.
Shoppers Stop surged 5.81% to Rs 382.45 after the company reported consolidated net profit of Rs 77.32 crore in Q3 FY22 as against net loss of Rs 25.11 crore in Q3 FY21. Net sales rose 33.82% to Rs 958.11 crore in Q3 FY22 over Q3 FY21.
Container Corporation of India (CONCOR) dropped 5.57% to Rs 623.95. The company's consolidated net profit jumped 21.59% to Rs 283.39 crore on a 9.68% surge in revenue from operations to Rs 1,938.03 crore in Q3 FY22 over Q3 FY21.
Biocon added 3.44% to Rs 376.40. The company's consolidated net profit jumped 17.68% to Rs 219.60 crore on a 17.05% surge in revenue from operations to Rs 2,174.20 crore in Q3 FY22 over Q3 FY21.
Hindustan Unilever (HUL) gained 3.15% to Rs 2332.85. The FMCG major posted 16.76% rise in standalone net profit to Rs 2,243 crore on 10.43% increase in revenue from operations to Rs 12,900 crore in Q3 FY22 over Q3 FY21.
Havells India tumbled 5.04% to Rs 1244.20. The company registered a 12% decline in standalone net profit to Rs 306 crore in Q3 FY22 from Rs 349 crore posted in Q3 FY21. Net revenue increased by 15% to Rs 3,652 crore in Q3 FY22 from Rs 3,166 crore posted in Q3 FY21.
Global markets:
Shares in Europe and Asia declined on Friday, tracking declines on Wall Street overnight.
Britain's GfK Consumer Confidence Index sank to -19 in January from -15 in December, its lowest reading since February 2021, as soaring inflation and the prospect of further interest rate hikes dampened the outlook.
Meanwhile, Japan's inflation data released on Friday showed that core consumer prices rose 0.5% in December compared to a year earlier, as fuel and raw material costs increased, as per reports.
US stocks moved lower on Thursday, giving up their sharp gains from earlier in the session, as Wall Street continues to struggle this year in a rising interest rate environment.
Concern that the Federal Reserve will aggressively move to raise rates this year took toll on the market. Investors are anxiously awaiting the U.S. central bank's policy meeting next week for new details on how it will tackle inflation.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU